Tenants Shell Out $1 Million For Summer Hamptons Rental

Renters are now paying up to $1 million for a Hamptons summer rental. (Photo: Megan McKendrick)

Not ready to buy a multi-million dollar mansion in the Hamptons just yet? This summer, some Hamptons residents are renting out their houses for an astounding $1 million.

According to Catherine Andrusenko, a real estate agent at Keller Williams NYC, rentals are on the market for $100,000 to $200,000 per month. She holds million dollar listings but has not had any clientele who have rented out their homes for the entire summer for a million dollars.

On the other hand, Pat Petrillo, a real estate agent at Sotheby's International Realty in Southampton, knows of two houses which have been rented for $1 million each for the summer, one is in Southampton.

"A bulk of them on the market are financial people in New York," Petrillo said. "We do see Europeans here... it's not uncommon."

According to CNBC the tenant in Southampton is a wealthy Russian who will not spending his first few nights in the Hamptons.

Currently there are approximately 2,500 houses in the Hamptons on the rental market. This pool includes active and inactive houses, meaning that some of those houses have already been rented or are simply not available for this summer. The inactive portion accounts for about 1400 houses. Of those homes, one has to be careful when they are looking at real estate websites because even some of those are unavailable.

People looking to rent houses higher in value is a newer phenomenon that has popped up in the last few years, according to Petrillo.